In the past few weeks, the entire metals market has been boiling over. Gold, silver, and copper—these traditional safe-haven assets—have collectively exploded, hitting new all-time highs one after another.

On December 26th, spot gold reached $4,531.284 per ounce, silver broke through $75 per ounce, and LME copper surged past $12,000 per ton, peaking at $12,282 per ton. The domestic futures market also went wild—Shanghai silver main contract soared by 6.60% to 18,658 yuan/kg, Shanghai gold hit a high of 1,023.96 yuan/gram, and Shanghai copper futures even set a new historical high of 99,730 yuan/ton.

Looking at the performance from the beginning of the year to now: gold prices have risen nearly 70%, the most vigorous increase since the second oil crisis in 1979; silver has gained close to 150% year-to-date; even copper prices have skyrocketed by over 40%. Such a market has made some people extremely profitable, while many others are filled with regret.

Why is this happening? It’s not without reason.

First, the demand for safe-haven assets has surged significantly. The international situation is so complex—conflicts between Russia and Ukraine continue, Venezuela is stirring again, and geopolitical uncertainties are keeping investors on edge. At this time, gold, as the traditional king of safe-havens, naturally becomes the preferred refuge for capital.

Meanwhile, the global economy is also creating pressure on the market. Fiscal imbalances and the shadow of inflation are still lingering, all factors that are increasing the attractiveness of precious metals. Against this backdrop, both institutions and retail investors are pouring money into precious metals, aiming to hedge risks.